Press Release - MARCH 04, 2004

A.M. Best Affirms Ratings of Amica Mutual Group and Amica Life Insurance Company


CONTACTS:
 Analyst(s)
William Decker/Stefan Holzberger
(908) 439-2200, ext. 5423/5699
william.decker@ambest.com
stefan.holzberger@ambest.com

Colleene Parodi/Steve Irwin
(908) 439-2200, ext. 5095/5454
colleene.parodi@ambest.com
stephen.irwin@ambest.com
Public Relations
Jim Peavy
(908) 439-2200, ext. 5644
james.peavy@ambest.com

Rachelle Striegel
(908) 439-2200, ext. 5378
rachelle.striegel@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK, N.J. - MARCH 04, 2004
A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) of Amica Mutual Group (Amica). This rating applies to the lead company, Amica Mutual Insurance Company, and its affiliate, Amica Lloyd's of Texas (Sugar Land, TX). Additionally, A.M. Best has affirmed the financial strength rating of A+ (Superior) of Amica Life Insurance Company. All companies are located in Lincoln, RI, except where specified. Both the property/casualty and life ratings are assigned stable outlooks.

The rating of Amica reflects its outstanding capitalization, solid operating performance and well-established market position as one of the 60 largest property/casualty insurers in the nation. These strengths are derived from management's sound underwriting fundamentals, geographic diversification strategy and low cost distribution channels. Amica's operating performance, although favorable, is reduced by the return of capital to its policyholders in the form of dividends. This annual dividend is part of Amica's rate structure and enables it to maintain high retention levels. Furthermore, the group maintains modest underwriting leverage and follows conservative loss reserving practices.

Amica's strong operating fundamentals and multi-line synergies carry over into its life operations, which benefit from the group's capital strength, distribution network and growing customer base.

Over the near term, A.M. Best expects Amica to sustain its strong capitalization and favorable profitability levels through its adherence to conservative operating fundamentals and exceptional customer service standards.

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.

Related Companies

For information about each company, including the Best's Credit Reports, group members (where applicable) and news stories, click on the company name. An additional purchase may be required.